KAZAN, June 20 — Prime Minister Anwar Ibrahim said Malaysia will seriously explore using local currencies in trade with key partners to reduce exposure to foreign exchange volatility and dependence on the US dollar.
Anwar said Malaysia has already expanded local currency trade with China and is discussing similar arrangements with India and Russia.
He added that local currency settlements and energy cooperation with Russia are important for Malaysia’s economic and energy security.
Discussions with Russian President Vladimir Putin also covered expanding trade, investment and payment mechanisms using the ringgit and ruble.
